Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

I am. They did not implement an effective rate of 12.5% but now they are apparently the ones who invented the proposal. I am glad that they have had a bit of a conversion on that issue because it is an absolute scandal. From figures just pulled from the Revenue website today, the full figure for losses brought forward in 2014 is extraordinary. It is over €215 billion. It is incredible. This is a big part of it, but not the only part. There is a whole series of other loopholes which allowed in 2014 - it really is extraordinary - gross trade profits, declared at €95 billion plus other income and capital gains of €8 billion, giving a total of €103 billion. After all these deductions are brought in for losses brought forward and other deductions, €103 billion in gross profits becomes only €50 billion in taxable profits, which is more than halved. It is absolutely extraordinary. Consequently, because of the failure to impose a minimum effective rate, the loss is in the order of €4 billion per year. A minimum effective rate has been proposed in our budget submissions for the past five years.

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